The Strata Titles Board (STB) has approved the en bloc sale of Dragon Mansion to RL Developments, Roxy-Pacific Holdings’ wholly-owned unit.
Under the sterner legislation governing en bloc sale, which was implemented in October 2007, Dragon Mansion is the first collective sale site to have successfully obtained STB’s Sale Order.
At a S$100.8-million sale price, Dragon Mansion is also the only site launched for collective sale, which has fetched a sale price of above S$100 million since the onset of the global economic crisis.
Located in the Spottiswoode Park area, the 72-unit Dragon Mansion comprises three-bedroom apartments.
Owners of each 1,399-sq-ft unit will receive S$1.4 million from the sale proceeds.
The freehold land parcel, which has a land area of about 42,000 sq ft and a plot ratio of 2.8, is earmarked for residential use.
The new development could potentially yield about 117,000 sq ft of maximum gross floor area, which translates to around 120 units of 1,000 sq ft apartments.